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Financial missteps that could ruin your marriage

Financial missteps that could ruin your marriage

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Financial missteps

If you’re few steps to tying the knot this info is timely for you. If on the other hand your marriage is a done ‘signed and sealed’ deal, you might still be in time to save your home. love is ideal for a home but for a long-lasting relationship between man and wife, all your ‘money-matters’ need to be handled upfront and delicately at that. people tend to overlook the impact that money has over their lives until a few years down the line (if that) when they are arguing about who to pay which bills and who not to. Financial missteps could be disastrous for your marriage and should be avoided at all cost.

A few such missteps include;

Being secretive about money

Most marriages suffer because of lack of communication. Spouses treat themselves as strangers when it comes to money. I can’t say I really blame them; with the increasing rate of separation and divorces in the country, people would much rather keep their little ‘secret stash’ for rainy days.

The truth is that to avoid drowning yourselves in deep waters, you need to be open about money. Talk about your income, your debts, your credits, your spending habits; put everything out in the open. Although it’s better to have this talk before marriage, it’s not late to do so now.

[Read Also: 5 post retirement ideas you should share with your parents]

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Turning a blind eye to money problems

Its funny how one spouse would find out about a financial problem (most likely an unpaid bill) and turn a blind eye to it waiting expectantly for the partner to handle it. This also boils down to communication. Don’t put things off when they are related to money. Tackle issues sooner before they become even more complicating. The best way to resolve this is to try and split responsibilities up. Do so openly without assumptions. Your husband might be assuming that you’ll pay the PHCN bill this month and you on your part, might be thinking that he already paid the bill. This is why you need both communication and clarity.

Having zero- savings and no financial goals

As a couple, you need to sit down and plan for your future together. You took a together-forever oath so you don’t expect to just take it one day at a time. Forever is a long time to leave without solid plans. A lot of marriages fail as a result of this mistake. The husband and his wife have no plans for their future financially and when children with their added responsibilities enter the picture, the little money they have tends to diminish. Aside from your personal savings, it’s advisable to make savings as a family. Put some money aside every month.

[Read Also: Best approach to asking for financial assistance]

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One-sided burden

Marriages where only one partner carries the financial burden of the family are most likely to crash sooner than letter. There should be support from the spouse. The couple should be able to split the burden in order for the family to make any head way financially. Marriage requires teamwork not just for reproduction, but for money too. When one person handles the finances of the family it is very easy for the other to misunderstand them. This brings about rebellion and inevitably dispute. On the other hand the spouse handling the finances could be harboring secret resentment towards their partner for not helping out. You don’t want to be a burden to your spouse so figure out a way to help them out.

Merging your accounts

In the spirit of love and to prove their trust in their spouse, some people make the mistake of forming a joint account. While it is a sweet gesture, it might be the fastest route to a divorce. What a lot of people forget is that ‘you are first an individual before you are a husband/wife’. As such, you have private needs and wants. If you must have a joint account, then do so but maintain your personal accounts as well. See the joint account as your family savings account. Before you do start a joint account though, both of you should sit and discuss the terms of operation of the said account.

[Read Also: 9 TIPS to KNOW when NOT to INVEST]

As you can clearly see, most of these problems are avoidable but due to ignorance some people walk right into them. Now that we’ve clearly pointed them out, do the needful and have that long avoided money talk with your spouse. It’s a start in the right direction so stop putting it off.

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Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience. Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.

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Personal Finance

How to prioritise your needs over wants

It is crucial, as a financially oriented person to learn how to prioritise your needs over your wants.

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To become financially stable, you have to learn to make some strategic decisions, and one of them includes prioritising your needs over your wants. The things you need are the things you cannot do without, your necessities, which include; shelter, healthcare, food, clothing and other essential items. Wants, on the other hand, are the things you can live without. For people who want to be financially responsible, wants are considered luxuries. It is crucial, as a financially oriented person to learn how to prioritise your needs over your wants. If you buy everything you feel like buying even when you don’t need them, you are being financially irresponsible, and it might have a massive effect on you. If at all you are going to spend on your wants, it shouldn’t take more than 10% of your monthly income. The deal is; if you want to buy the things you want or desire, you should earn more money.

The needs of men are grouped into three (3), according to Abraham Maslow’s hierarchy of needs. They include;

  1. Self Fulfillment Needs
  2. Psychological Needs
  3. Basic Needs

If your needs don’t fall into any of these groups, then they should be considered as wants.

How do you prioritise your needs over wants? 

 1.List your needs and wants 

Writing down your needs and wants will go a long way in helping you to prioritize. Your needs should come first while your wants follow. Your needs should include your house rent, your feeding allowance, your medical fees, and other basic needs, in order of importance. You can group your wants into a hierarchy of priority and move the ones you cannot afford to the following month.

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2. Research the prices of your needs and wants 

Research the prices of the things on your list and affix. They might not be the exact prices and might be in ranges, but it is good that you do this. This would help you to calculate how much you might be spending in a month and if it fits your monthly income. With this, you will be able to remove the things that might put you in debt. The goal at the end of this should be to spend lesser than your monthly income and have enough for emergencies. This helps you to focus more on your needs rather than wants

3. Cut all luxuries

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As far as basic needs go, there are some rules to it. It is essential that you eat, but you don’t have to eat at restaurants when you can cook at home and save costs. If you can’t cook, you can also check out some cheap restaurants instead of the big and expensive ones. Also, if you are not financially capable to rent a big apartment, look for smaller and less expensive options that would help you to save cost. Some basic needs can become wants if you don’t watch it.

(READ MORE:Trump or Biden? How the US Presidential election will impact the stock market)

4. Get multiple sources of income 

The way this works is, if you get more sources of income, you get to settle all your financial needs which are your top priority, then you don’t find it difficult to buy the things you want. To prioritise your needs over your wants then becomes more comfortable.

5. Be sincere with yourself 

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Be realistic in your budget and don’t list out the things you cannot afford. If some of your needs will make you spend more, look for cheaper alternatives. You are the only one seeing your budget.

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As stated above, some of the basic needs include; food, shelter, water, clothing, security and so on. They are the things that might kill you if you don’t have them. It would help if you considered these basic needs first when creating your monthly budget. Having satisfied these needs, you can go ahead and get the things you want. Never choose your wants over your needs. It is a risky financial move that might make you go broke and run into debt.

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Personal Finance

ATM Fraud: How to care and use your card wisely

To protect your card from external harm, there are few tips you must acknowledge and start getting familiar with.

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The Cashless Policy, as we know it in Nigeria, was officially introduced and became fully operational in 2014 – with the aim to encourage electronic banking and to reduce physical cash in circulation – which would in turn decrease cases of cash-related crimes. One way of implementing this policy is through the use of ATM cards.

It is true that the advancement of technology has generally made our lives easier and more convenient. But, the adage “whatever has advantages, also has disadvantages” is not left out in the case of electronic banking. With the development of ATM machines and electronic cards for mobile banking, there are some risks and exposures associated therewith.

Some of these could devastatingly leave you broke in the blink of an eye; whereby, you find out the money you have worked so hard to accumulate has vanished with the stroke of some keys.

The Cashless Policy was met with e-banking fraud. There were reports of banks and individuals losing a lot of money to fraudsters, despite the regular checks put in place by financial bodies to curtail the loss of an individual’s hard-earned money.

The onus, therefore, falls on all responsible individuals to guard and protect their assets – Yes, your ATM card is an asset.

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It is important to know how to handle your cards and make sure you’re not only using it correctly but smartly.

Automated Teller Machine (ATM) means a machine that dispenses cash and also performs specific banking services at the user’s convenience.

It is a dedicated payment system and the ATM card is issued by banks and other financial institutions for ease of financial transactions. It usually comes in the form of debit cards, which means you must have monetary assets with the said bank, to be able to use the card for transactions.

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In order to handle your card wisely, you must be intentional about the money that comes into and goes out of your pocket. You cannot leave anything to chance. Have a plan for your money and stick to it.

To protect your card from external harm, there are few tips you must acknowledge and start getting familiar with.

  • Protect your pin: You must not give out your Personal Identification Number. As the name connotes, it’s your very own personal form of identification, which grants you electronic access to your money. If for any reason your PIN gets exposed, you must immediately reset it. Furthermore, do not write it down on a piece of paper or if you must, do not leave it exposed or in your wallet
  • Always report suspected cases of fraudulent activities: When you’re in the know about your finances, any discrepancy will immediately come to your notice. Some people do not recover from cases of fraud, because they didn’t discover it on time. Remember that the earlier you report a problem, the sooner it gets resolved. On this note, you must always be familiar with all bank transactions and statements. If you notice at any time that your card is missing – especially when you’ve been out with it, and you suspect it’s been stolen, report it immediately and block that card.
  • Be cautious of the ATMs you use: Always use one that is associated with banks. Avoid any machine that may be situated in suspicious locations. In as much as it grants ease as a means of solving our problems, compulsive use of your ATM card should be avoided. Even with the extra charges attached to card transactions these days, you really would be doing yourself a favor by being careful of where you insert your card in your bid to avoid bank ATM charges.
  • Do not be careless with your phone: Try as much as possible to avoid being careless with your phone or any other device that may contain your bank information. Always create security profiles for your gadgets. It doesn’t take much for someone to access your details and wipe your bank account clean. Make sure that your phone is protected by a password or pin and whenever possible, delete traces of money transactions from your gallery or messages, after you must have successfully backed them up of course. Just remember that your card information could be contained on your phone and leaves you to exposure if mishandled, so handle with care.
  • Do not use public wireless connections for financial transactions: In fact, you should always be wary of all public wireless access. It is a fast and unsecured way for a third party to gain access to your private information. You could as well leave that information on a billboard for the whole world to access. Be sure to use password-protected wireless connections, it makes it more difficult for hackers to access your details.

Bottomline

Try to change your pin every few months. Keep it simple and short, only using codes you can remember.

Conclusively, while it is very convenient to use debit cards or ATM cards for financial transactions, you wouldn’t find it funny to learn that someone has emptied your account on the spot. Hence, it is important that you take precautionary measures to always keep your card safe.

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Financial Services

CBN reveals framework for the N75 billion Youth Investment Fund

The Nigerian Youth Investment Fund will be funded through the NIRSAL MFB window of the CBN.

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CBN reveals framework for the N75 billion Youth Investment Fund, Economic Growth, CBN, Governor, Emefiele, CBN releases new capital base, sanctions for Microfinance Banks, Nigerian Banks broadly positive after naira devaluation, Naira hits N465 to $1, Central Bank begins disbursing $100million to hit at currency speculators

The Central Bank of Nigeria (CBN) has revealed the implementation framework for the Nigerian Youth Investment Fund.

This was disclosed in a publication by the Development Finance Department under the auspices of the Central Bank of Nigeria.

The CBN stated that the Nigerian Youth Investment Fund (N-YIF) would be funded through NIRSAL MFB window, with an initial take-off seed capital of N12.5 billion.

READ: #EndSARS: FG creates new N25 billion Youth Fund, to increase to N75 billion in 3 years

The N-YIF aims to financially empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023.

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Objectives of the scheme:

  •  Improve access to finance for youths and youth-owned enterprises for national development.
  •  Generate much-needed employment opportunities to curb youth restiveness.
  •  Boost the managerial capacity of the youths, and develop their potentials to become the future large corporate organizations.

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What you should know
Recall that on the 22nd of July, 2020, the Federal Executive Council (FEC) approved the sum of N75 billion for the establishment of the Nigeria Youth Investment Fund for the period of 2020 – 2023.
The fund was created to support the innovative ideas, skills and talents of Nigerian youths, and to institutionally provide Nigerian youths with a special window for accessing much-needed funds, finances, business management skills and other inputs critical for sustainable enterprise development.
  • The fund targets young people between the ages of 18 and 35 years.
  • Beneficiaries of NMFB, TCF and AgSMEIS loans, and other government loan schemes that remain unpaid are also not eligible to participate.
  • Individuals (unregistered businesses) shall be determined based on activity/nature of projects subject to the maximum of N250,000.
  • Registered businesses (Business name, Limited Liability, Cooperative, Commodity Association) shall be determined by activity/nature of projects subject to the maximum of N3.0 million (including working capital).
  • The tenor of the intervention is for a Maximum of 5 years, depending on the nature of the business and the assets acquired, of which interest rate of not more than 5% under the intervention shall be charged annually.
  • The Federal Ministry of Youth and Sports Development (FMYSD) will collaborate with relevant stakeholders to identify potential training for training/mentoring.
  • The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to login to the portal provided by the NMFB to apply for the facility.

READ: CBN raises alarm over fraudulent loan offers, investment schemes with charged fees

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As a huge percentage of youths are engaged in the informal sector, the NYIF will facilitate the transition of informal enterprises owned by youths into the formal mainstream economy, where they can be supported comprehensively, build a bankable track record, and be accurately captured as active participants in economic development.

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